Regulatory Alerts2011-10-13 | 27097On the Procedure for Rounding Tynyum Balance Amounts in Cash Transactions in the Kyrgyz Republic
The Government and National Bank of the Kyrgyz Republic issued Decree No. 631/35/10 on October 13, 2011, to formalize the rounding procedure for tynyum balances in cash transactions following the withdrawal of 10-tynyum coins. The decree requires all economic entities and budgetary institutions to accept tynyum-denomination banknotes and 10-tynyum coins without restriction, deposit them into commercial banks as prescribed, and apply rounding rules for balances up to 50 tynyum effective September 1, 2011. It revokes the February 2008 rounding decree and assigns implementation oversight to the Financial and Credit Policy Department of the Government Apparatus in coordination with the National Bank.
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Date created: 2011-12-13
GOVERNMENT OF THE KYRGYZ REPUBLIC
NATIONAL BANK OF THE KYRGYZ REPUBLIC
D E C R E E of October 13, 2011 No. 631/35/10
On the Procedure for Rounding Tynyum Balance Amounts in Cash Transactions in the Kyrgyz Republic
In order to improve and establish the procedure for conducting cash transactions in the Kyrgyz Republic in light of ongoing reforms in the financial-banking system and payment system, as well as in connection with the discontinuation of circulation and further use in all types of cash transactions of coins valued at 10 tynyum, the Government of the Kyrgyz Republic and the National Bank of the Kyrgyz Republic decree:
Approve and bring into effect as of September 1, 2011 the attached Procedure for Rounding Tynyum Balance Amounts up to 50 tynyum in cash transactions in the Kyrgyz Republic.
All economic entities and budgetary institutions shall accept without restriction tynyum-denomination banknotes, including 10-tynyum coins, and deposit them into commercial banks in the established manner.
Supervision over the implementation of this decree shall be entrusted to the Financial and Credit Policy Department of the Apparatus of the Government of the Kyrgyz Republic and the National Bank of the Kyrgyz Republic.
Recognize as having lost force the Decree of the Government of the Kyrgyz Republic and the National Bank of the Kyrgyz Republic "On the Procedure for Rounding Amounts in Cash Transactions in the Kyrgyz Republic" dated February 18, 2008 No. 54/50/1.
This decree shall enter into force from the day of its official publication.
First Deputy Prime Minister acting in the capacity of Prime Minister of the Kyrgyz Republic
Chairman of the National Bank of the Kyrgyz Republic
O. Babanov___________________ Z. Asankhozhayeva ______________________
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